A home loan, also referred to as a mortgage loan, is an agreement where you are loaned money to purchase a home. In this agreement you are allowing your lender to take action if or when you are negligent to making payments on your loan. Most importantly, the bank lending you this loan can take your property and sell it, should you refuse to pay, forcing you to move out. Now that you know the basic of what a home loan is, we will get deeper into the discussion of the steps you need to take in order to get a home loan. These steps will help determine how much you pre-qualify for so that ou can make an offer on your dream home!
How much can you borrow?
Determining how money you can borrow is determined by a few factors: how much of a monthly payment can you afford, credit and employment history, income and debt, and the amount that a bank can lend you. By speaking with a representative from American Mortgage Resource, Inc. we will be able to determine what kind of terms and loan programs you can benefit from most.
Pre-qualifying for your loan
Pre-qualifying for a loan is the most important step as it is where you save the most money. During the process you will share with us financial and personal information that is used to determine your pre-qualification. Once this is all processed we deliver a pre-qualification letter that your realty agent will use as buying clout when making an offer on your future home.
Once an offer has been placed on your home, and it has been accepted, the loan application process is to be completed. We make it easy to do through our website. And when the time is right, an appraisal on your new home will be made.
We coordinate with the escrow company who is handling the funding of your approved loan to make sure all papers your lenders will need are completed and in order.
Overall, the process to getting a home loan might seem a bit intimidating, but when you work with our team, it becomes easier. We have years of experience working with future home-owners and know how to make the home loan process easy to understand and enjoyable. For more information about our services, visit our website.